The desire to invest can be hampered because it considers the halal element or not the investment method is carried out by the bank. You don't need to hesitate anymore to invest because there are sharia investment products to choose from.
Sharia banking that is present in the country has various offers of halal savings and investment products that can be chosen according to financial needs. Examples of Islamic banking products offered by banks range from sharia savings, sharia mortgages, to sharia deposits.
As you know, deposits are one of the safest, low-risk investment instruments. Of course, this sharia-based deposit can be an attractive option for those who want to invest without having to worry about usury.
What is Sharia Deposit?
The definition of sharia deposit is a banking product that is included in the category of time deposit products that are managed using the sharia system, namely based on Islamic law which has the principle of prioritizing a sense of justice and transparency in transactions.
As for sharia principles, the money you place in sharia deposits will not earn interest and there is no interest term in sharia products. Because the law is haram according to Islam. However, your sharia deposit will get a profit sharing (ratio).
Sharia Deposit Ratio (Profit Sharing)
How to determine the profit sharing commonly used in sharia time deposits in general is as follows:
(Deposit amount: Total deposit amount) x Profit sharing percentage x Bank profit for the month
In sharia investment, a mudharabah contract applies. Mudharabah contract is a method of calculating profits obtained by customers which is carried out by means of a ratio or profit sharing.
In addition, customers act as shahibul maal or fund owners and the bank as mudharib or fund managers.
As an illustration, when you are about to open a sharia deposit, the bank will ask you to fill out a contract, which is an agreement between the customer and the bank regarding the funds you put in the bank.
The contract regulates the amount of profit sharing and the selection of investment instruments that the bank will do with your money.
Generally, the ratio offered by banks is 60:40 for both the customer and the bank. So, the smarter the bank spins your money to make a profit, then you will get a bigger profit too.
In addition, there are 2 options that can be chosen in choosing investment instruments, namely mutlaqah and muqayyadah.
The meaning of mutlaqah is that the customer allows the bank to determine the investment instrument to be made to rotate the money, while muqayyadah is the customer who determines the investment instrument to be carried out by the bank.
Sharia Deposit Benefits
After understanding the meaning of sharia deposits, now is the time for you to also know the benefits.
As you know that investment is important and well-aimed to realize your financial goals in the future.
Therefore, it is important for you to know the benefits and advantages of sharia deposits.
1. Deposit Funds Guaranteed Safe
This has been regulated by the Sharia Supervisory Board (DPS), like deposits in general, your funds will be guaranteed by the Deposit Insurance Corporation (LPS).
The safety of your money will be guaranteed by LPS in the event of a bank bankruptcy. So you will not lose the money. The maximum amount of deposit funds guaranteed by LPS is IDR 2 billion.
Now, for sharia deposits, the level of security can be higher because the percentage of profit sharing has been determined from the start by the customer and the bank, thus closing the possibility of fraud from one party.
2. Calculate Profit According to Your Wish
The method of calculating the profit of sharia deposits is using the ratio system (profit sharing). This is clearly different from conventional deposits, the profits are calculated based on the prevailing interest rates.
As for sharia deposits, the rewards are based on mudharabah where the income from sharia deposits is not fixed, but fluctuates according to the level of income and performance of the sharia bank.
However, you don't need to worry because you can arrange this profit sharing yourself through the contract you made with the bank at the time of initial deposit registration. So the calculations can be clearer and in accordance with what you want.
3. The Process Must Be Halal
You don't have to worry about how the bank rotates your money and whether or not the profit is lawful because as the name implies, the bank will rotate your deposit funds according to sharia law.
Because halal is the main thing in turning customer money in sharia deposit products, it is certain that the bank will process your funds in sectors that do not conflict with Islam in a halal way.
4. Can be used as a financing guarantee
Sharia deposits can be used as collateral for financing. Like securities, sharia deposits can also be used as collateral when you need funds to finance something.
To find out what types of financing can be guaranteed with sharia deposits, you have to ask the bank directly because each bank has different terms and conditions regarding this.
5. Sharia Deposits, Investment Options Deposits Emergency Funds
The characteristics of deposits in general are investment instruments that are safe, low risk and suitable to be chosen as short-term emergency funds.
The reason is that sharia deposits can be disbursed according to the choice of tenor, namely 1 month, 3 months, 6 months, 12 months and 24 months.
You can also extend the time period of your deposit with the automatic roll over or ARO system. Where this feature will give you an automatic tenor extension before maturity.
However, please understand that the disbursement of funds in sharia deposits cannot be done at any time like a savings account. You have to wait after the disbursement period to avoid penalties.
For sharia deposit penalty fees, the nominal amount has been agreed at the beginning of the agreement and is generally stated as an administrative fee.
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